Oil Price Today (May 6): Crude oil falls below $110, down 6% in just two sessions. What’s behind the dip?

May 6, 2026

Oil prices dipped for a second day as U.S. President Trump hinted at a potential peace agreement with Iran, leading to hopes of restored Middle East supply routes. Trump announced a temporary pause on escorting ships through the Strait of Hormuz, a key oil transit point.

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